DISRUPTION AND REFORM SIGNALS ADAPT OR DIE FOR BANKS | The BIO Agency

Legacy players across these and other sectors have all had to innovate and improve their offering to stay competitive or face a fate experienced by those high-street retailers who failed evolve for this digital, mobile-first world.

Today, the retail banking sector faces similar digital disruption from start-ups and entrants from other sectors who are using technology and mobile-first strategies to create financial services and tools that are more attractive to the ‘connected consumer’.

Customers who have enjoyed the experience of booking a holiday via Airbnb or ordering groceries from Ocado now look more favourably on banking providers who remove complexity and offer the ability to move money around in real-time, compare bank rates with ease and who deliver trust and reward.These ‘challenger’ brands include digital-only, technology-led banks with names like Atom and Starling.

They also include hybrids pursuing successful omni-channel strategies such as Metro and Virgin Money, plus supermarket and retail brands such as Tesco Bank and M&S.They’re winning because they’re prepared to give people the same level of control, real-time interaction and transparency they find in other sectors.